Congress passed on Monday a massive spending bill that included $600 stimulus checks for most Americans, and they are expected to begin arriving soon.
Treasury Secretary Steven Mnuchin told CNBC on Monday that the stimulus will begin arriving “at the beginning of next week,” which would place the initial arrivals around December 28.
U.S. Rep. Kevin Brady (R-TX), the ranking member of the House Ways and Means Committee, said that for people who have direct deposit information on file with the IRS, the money should come in before December 31.
Individuals with an annual income of $75,000 or below on their 2019 tax return are eligible for the checks. The threshold for eligibility rises to $112,500 for the head of a household, and $150,000 for married couples filing jointly.
For citizens whose income is just above those levels, the amount of the stimulus check will be reduced, with the amount of stimulus decreasing for every $100 in income.
Parents eligible for the stimulus can receive an additional $600 check for each dependent child in their household.
Only those with direct deposit banking information on file with the IRS will receive their payments in 2020.
Citizens who still file their taxes via mail, or who have recently changed banks, will have to wait until 2021 to receive their paper check in the mail.
Brady noted that the current expectation is for all payments to be processed by January 15, which would be markedly faster than the rate at which the IRS processed the $1,200 payments in the spring.
More details on the timeline on the paper checks are still forthcoming.
Any American who did not receive their full payment in the spring, or fails to receive their $600 payment this winter can claim a Recovery Rebate Credit on their tax returns.
Henry Thornton is a staff writer for Yellowhammer News. You can contact him by email: [email protected] or on Twitter @HenryThornton95.
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